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Discuss the economic impact of Coronavirus in different sectors of the globalised world. Critically analyse India’s situation and suggest few measures to address this challenge?(200- 250 Words)  

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(@newadmin)
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Discuss the economic impact of Coronavirus in different sectors of the globalised world. Critically analyse India’s situation and suggest few measures to address this challenge?(200- 250 Words)

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Posts: 3
(@priya1999)
New Member
Joined: 2 months ago

Coronavirus is a newly identified disease which caused a worldwide pandemic of respiratory illness. It emerged in china in December 2019. Due to which it is also called COVID-19.

Co-corona

Vi-virus

D-disease

19-2019

Yet there is no cure to this disease. Amid the Coronavirus Pandemic several countries across the world resorted to lockdown to flatten the curve of the pandemic. This step of lockdown was very important for every country. It doesn't means lockdown will terminate coronavirus but in lockdown we can cover up health system and to calm down the sudden pressure on health sector. But this lead to impact the economy of many countries.  

The impact of covid-19 on global poverty, as we go forward there is fall in global poverty. So, it is assumed that if Coronavirus Pandemic doesn't arrive then 7.8% will be our global poverty. 

Economic impact of COVID-19 on diff. Sectors of globalised world - 

1) HEALTH SECTOR- The covid-19 crisis has already overburdened public health system in many countries and they also motivate health workers. As we know about health department of India. We have to strictly follow the instructions to decrease the spread. Because as we all know India is having highest population but have only 40,000 ventilators. So, we have to co operate with medical department, administration etc. 

 But, some of the doctors misused their powers like we see in news a person's organ has been elected. Due to these type of dr. in our system. They explode many other dr. Who are playing with their lives. 

Now, many moron also questioned like - they only did it for money?? 

But the question is literally it is for money?? - because acc. to me life is far greater than money. What will you do with that money if you don't survive. So, we have to co operate with them. 

2)-TRANSPORT SECTOR - Due to fall in travel global industry activities has been affected. Many private sector were also deteriorate like private buses due to which when govt. Allowed them to open all sectors except some. Then, they increased their bus fare as we see in himachal pradesh (a state of India). Due to which normal or middle class people are suffering. From rickshaw pullers to airlines all have been affected economically by the pandemic. 

3)ROAD NETWORK SECTORs-As we all know one Road give employment to various and also easy in export and import. A total of 892km and 2,345 km national highways project were awarded and constructed between april-august 2018. In March 2019 National highway project worth Rs1, 10,154 cr were inaugurated. But now due to covid pandemic our economic condition became  affected. 

And many other sectors also like-automobile, agriculture and forestry, food processing, media, oil and gases, tourist etc. 

According to Du and Bradstreet Covid-19 no doubt disrupt human lives and global supply chain. The GDP estimates for India downwards by 0.2% points for the fiscal year 2020. 

Maintain the channel of communication during crisis - 
During times like these it is essential
that the channel of communication
is effectively maintained. Being
open and available to the concern
of all stakeholders including customers
and investors become extremely
Important so as to maintain their
association with the business.
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(@saloni)
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Joined: 2 months ago

Entire world in grap of coronavirus was so massive that it compelled the World Health Organisation to declare it when damac the outbreak of the virus had an unpredictable implication on the global economy.

The disease was first identified in Wuhan, China in December 2019 and in India first case was reported in Kerala. Following massive surge Government of India announced whole country lock down on 4th March 2020. This resulted in the distruction of growth and development of the Indian economy.

Impact- 

Human life had been fighting for life whereas the social and economic crisis impact on the economic environment is worldwide and problem faced by different sectors of India is highlighted below-

Primariy Sector - It is associated with extraction and production of raw material it provides 43.21 % of employment to the Indian population which contributes to 16.1 % of the india's GDP. In Agriculture sector due to restriction of travel resulted in drop of production. For farmers harvesting of Rabi crops has unabatedly state in the fields because business operations were suspended in shops ,restaurants ,sweets & hotels. There was subsequent fall in the revenue production of tea & also demand for metals and minerals was curtailed which experienced drastic drop in share price.

Secondary Sector- Holds industries that produces and distributes finished. Due to lockdown labourers migrated to their villages and no activity took place in any industries causing fall in supply chain in manufacturing, automobile, textile pharmaceutical and electronic industries. Since 80% of solar modules and solar cells are from Chinese manufacturers in India caused shortage of raw materials and limited stock for the Indian solar project developers.Therefore, sector provided around 24.89% of employment and 24.6% of GDP in the Indian economy. Thus pandamic tortured industrial growth and livelihood of large population.

Service Sector- About 31.9%of Indian population is employed contributing 54.3% of GDP to the Indian economy. Transportation segment was severely affected as airlines, trains, metro ,cargo operations had struck hard because of the lockdown.Shutting down of shops ,malls, theatres IT companies had laid of employees or had cut down salaries due to lack of cash flow and supply  in the economy causing life threat to the human.

Measures- Need of Hour 

1. Practice of SWOT (Strengths, Weaknesses ,Opportunities and Threats) analysis in every sector so that industries can utilise their best from risking themselves in any way and using opportunities which could help them expand their business growth resulting development in the economy.

2. Growing of manufacturing industries which would impact the factors of production leading to increase in employment and supply chain,also reducing our dependency on other countries.

3. Providing safe and secure environment to the workers and labourers ensuring of wearing mask and maininting distance.

4. Skilling of workers (mainly backward classes)as per the interest would help in gaining various jobs of plumber, elctrician in rural areas.

5. Making people aware of the policies and schemes made by the government (Local for vocal,Made in India,Gareeb Kalyan Yozana, Jan Dhan Yozana) for the proper functioning of the economy and measure taken for uplifting the small scale industries.

6. Setting up of Hospitals a need of hour in rural areas with all the basic amenities required.

7. Public Private Partnership Would help in achieving the target resulting in growth and welfare of the economy.

With every fall there is always a better start. It's time to kick start the economy with all the possible measures and making India's glory boost again in the global world. As India is diverse in its culture, traditions and skills, would help India bloom its vision and making it Self reliant Bharat.

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Posts: 5
(@saloni)
Active Member
Joined: 2 months ago

Entire world in grap of coronavirus was so massive that it compelled the World Health Organisation to declare it pandamic the outbreak of the virus had an unpredictable implication on the global economy.

The disease was first identified in Wuhan, China in December 2019 and in India first case was reported in Kerala. Following massive surge Government of India announced whole country lock down on 4th March 2020. This resulted in the distruction of growth and development of the Indian economy.

Impact

Human life had been fighting for life whereas the social and economic crisis impact on the economic environment is worldwide and problem faced by different sectors of India is highlighted below-

Primariy Sector - It is associated with extraction and production of raw material it provides 43.21 % of employment to the Indian population which contributes to 16.1 % of the india's GDP. In Agriculture sector due to restriction of travel resulted in drop of production. For farmers harvesting of Rabi crops has unabatedly stayed in the fields because business operations were suspended in shops ,restaurants ,sweets & hotels. There was subsequent fall in the revenue production of tea & also demand for metals and minerals was curtailed which experienced drastic drop in share price.

Secondary Sector- Holds industries that produces and distributes finished. Due to lockdown labourers migrated to their villages and no activity took place in any industries causing fall in supply chain in manufacturing, automobile, textile ,pharmaceutical and electronic industries. Since 80% of solar modules and solar cells are from Chinese manufacturers in India caused shortage of raw materials and limited stock for the Indian solar project developers.Therefore, sector provided around 24.89% of employment and 24.6% of GDP in the Indian economy. Thus pandamic tortured industrial growth and livelihood of large number.

Service Sector- About 31.9%of Indian population is employed contributing 54.3% of GDP to the Indian economy. Transportation segment was severely affected as airlines, trains, metro ,cargo operations had struck hard because of the lockdown.Shutting down of shops ,malls, theatres IT companies had laid of employees or had cut down salaries due to lack of cash flow and supply  in the economy causing threat to livelihood.

Measures- Need of Hour 

1. Practice of SWOT (Strengths, Weaknesses ,Opportunities and Threats) analysis in every sector so that industries can utilise their best from risking themselves in any way and using opportunities which could help them expand their business growth resulting development in the economy.

2. Establishment of manufacturing industries which would impact the factors of production leading to increase in employment and supply chain,also reducing our dependency on other countries.

3. Providing safe and secure environment to the workers and labourers ensuring of wearing mask and maininting distance.

4. Skilling of workers (mainly backward classes)as per the interest would help in gaining various jobs of plumber, elctrician and many more.

5. Making people aware of the policies and schemes made by the government (Local for vocal,Made in India,Gareeb Kalyan Yozana, Jan Dhan Yozana,Scheme for MSMEs) for the proper functioning and uplifting the growth of the economy.

6. Setting up of Health centres a need of hour in rural areas with all the basic amenities.

7. Public Private Partnership Would help in achieving the target resulting in growth and welfare of the economy.

With every fall there is always a better start. It's time to kick start the economy with all the possible measures and making India's glory boost again in the global world. As India is diverse in its culture, traditions and skills, would help India bloom its vision and making it Self Reliant Bharat.

Reply
Posts: 4
(@revu)
New Member
Joined: 2 months ago

Due to the Coronavirus Pandemic the Government of India had imposed Lockdown through out the country to control the spreading of the virus. Because of the shutdown of the country it had huge impact on each and every sector of the country, due to which the affect on economy has been largely disruptive. This has shown huge impact not only on the Indian economy, but though out the world. 

There has been huge effect on various sectors, they are;

Automobiles Industry:

  • China is one of the leading supplier of auto components in India, accounting for 27% total imports.
  • Due to temporary shutdown on imports and exports it had shown huge impact on the auto mobiles.   

Pharmaceuticals: 

  • The supply chain of raw materials of the drugs has taken a hit.
  • Active Pharmaceutical Ingredients (APIs) are significant ingredients in the manufacture of drugs. The Wuhan province of china the epicentre of the coronavirus, is the hub of the API manufacturing industry.

Chemicals:

  • Local dyestuff units in India are heavily dependent on import of several raw materials, including chemicals and intermediaries from china.

Electronics:

  • China is major supplier of both the final products as well as the raw materials used in electronics industry.
  • India's electronic industry is fearing supply disruptions and reduction in the produce.

 Tourism and Aviation:

  • Tourism is one of the worst hit sector through out the world, because all the countries temporarily suspended flights and transportation, many countries in the world are largely dependent on the tourism sector, those countries suffered a lot due to the pandemic.

Textiles: 

  • Textile industry also seen a worst hit due to the pandemic, it adversly effected the export of fabric, silk, yarn and other raw materials.

Entertainment Sector:

  • This is one of the adversly affected sector due to pandemic, all the entertainment places have been remained shut for long time.

Migrant Workers and Labor Force:

    Due to lockdown, daily wage workers were left with no work. At the same time, the lockdown restrictions put a stop on the movement of buses and trains. Large number of migrant workers ended up walking back to their villages.

             Due to imposition of shutdown on all the sectors in the country, it had shown negative impact on the Gross Domestic Product. but those programs were not successful but due to lockdown all the rivers have clean water. 

     Due to the pandemic, not only the negative effect, there are some positive impacts as well as they are reduction in pollution because of the empty streets and less number of vehicles on the road, and Government have implemented lot of programs to clean the rivers,

     To come out of the situation, the Government of India started to unlock the country step by step by taking all the protective measure. Government took many measures to bring back the economy of the country on path.

      In order to reduce the dependence and import of goods and services from other countries. And in order to end the scenario of imports from various other countries. On 12th may the Prime Minister announced all over economic package worth Rupees 20 lakh crores, with an emphasis on India as a self reliant nation. 

      

  

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